Data management is an aspect that can prove to be difficult for even highly tech-savvy professionals. After all, data is a crucial part of a firm’s strategic development. Thus, every firm needs to get data processing solutions that enable them to gain valuable insights.This is where, intelligent document processing solutions come into the picture.
Intelligent document processing transforms semi-structured and unstructured data into relevant and usable data.This technology helps you draw out relevant data from diverse channels that play a pivotal role in your firm’s work. These include mortgage applications, insurance claims, engineering drawings, etc.
As per statistics, the market share of intelligent document processing solutions will grow to $3.7 billion in the year 2026 from $0.8 billion in 2021. In fact, as per the Gartner press release report, finance departments can save 25,000 hours of rework.
Data loss can result in catastrophic errors for different organizations, and more than 70 percent of these businesses would fail if data is not organized effectively. However, intelligent document processing can result in an immense reduction in this loss percentage, thereby reducing costs.
Any business would like to reduce the involved costs and maintain a tight budget. Well, intelligent document processing can help you reduce your costs by reducing the data processing time.
A major reason for hampering a business’s success rate is human errors. However, intelligent document processing reduces the scope of manual work, thereby reducing the risk of any kind of human error.
Here are some of the best intelligent document processing solutions :
Optical character recognition (OCR) tools help recognize different forms of text characters in a digital image scanned from a particular paper document.
These OCR tools give results through hardware such as circuit boards or optical scanners. This hardware reads the given text from the document and then processes this text into the computer.
If advanced AI tools are used for the process, they can easily translate handwritten texts into something usable. This tool is applicable when you want to translate letters, receipts, application forms, etc.
Another addition to the best intelligent document processing solutions list is Hyperscience. This platform is used for automating the extraction of data from different unstructured documents.
It comes with improved accuracy, quality assurance, and built-in, perfect accuracy tools.
Also, hyperscience can easily convert your fragments of unstructured data into a structured form. This structured data can be easily used for automating customer service while improving your workflows.
Document capture is another addition to the best intelligent document processing solutions list. This platform is used for combining with the scanning hardware for digitizing data copies.
You can also use this platform to extract data from different digital documents, for example, text files and pdf files.
Experts use this platform to speed up the process of manual scanning your documents.
ABBYY FlexiCapture is also one of the best intelligent document processing solutions. This platform is used for translating every kind of document, ranging from simple to complex forms.
FlexiCapture is endowed with recognition capabilities along with machine learning abilities. This makes it a perfect candidate for handling a huge variety of unstructured data.
Thus, firms that focus on offering perfect customer service while being a step ahead of their competitors. The solution can easily cater to critical data transformation while automating the entire process.
Image processing is one of the best intelligent document processing solutions that uses some algorithm for making transformations on a said image.
These changes include contrasting, sharpening, stretching, or smoothing of an image. This solution is defined as a subset of a computer vision that matches the vision of a human.
These solutions are imperative for preparing documents used for OCR and archiving.
You get two versions of the document through this solution. One is optimized perfectly for machine-reading while another is used for on-screen reading.
This implies that the computer can read one version while humans can review another version in a web interface or a content management system.
These intelligent document processing solutions have immense benefits when it comes to running smooth business workflows. Some of the important benefits of these solutions include reducing costs, reducing the scope of human errors, and cutting down on manual labor and data processing time.
Thus, experts often advise you to use these solutions if you want to witness an improvement in your business success rate. You can get relevant help using the best intelligent document processing solution from KlearStack.
